Chart EUR/CAD Update: Consolidating losses - studies under pressure
The break below 1.6100 has bounced from 1.6065, with prices currently balanced in cautious trade above 1.6100
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6400 | * | break level | S1 | 1.6100 | * | congestion | |
| R3 | 1.6340 | * | 13 Nov (m) high | S2 | 1.6065 | 8 Dec low | ||
| R2 | 1.6300 | * | congestion | S3 | 1.6035 | ** | 61.8% ret of Jul-Oct rally | |
| R1 | 1.6200 | * | congestion | S4 | 1.6000 | * | congestion |
Asterisk denotes strength
11:40 GMT - The break below 1.6100 has bounced from 1.6065, with prices currently balanced in cautious trade above 1.6100 as rising intraday studies flatten. Daily readings are under pressure and broader weekly charts are negative, highlighting room for fresh losses in the coming sessions. A close back below congestion support at 1.6100 will open up the 1.6035 Fibonacci retracement. However, already oversold daily and weekly stochastics could limit any initial tests in consolidation, before prices extend October losses still further. Meanwhile, resistance is lowered to congestion around 1.6200. An unexpected close above here will help to stabilise price action and prompt consolidation beneath further congestion around 1.6300.